The Psychology of Money

THE PSYCHOLOGY OF MONEY: Timeless Lessons on Wealth, Greed, and Happiness

by Morgan Housel

After researching and writing about finance for more than a decade, Morgan Housel found that luck and human behaviors play a much bigger role in determining one’s financial success than spreadsheets and analyses. In this book, he shares 18 biases, flaws, behaviors or attitudes that jointly make up your psychology of money. These factors affect your financial outcomes much more than technical skills like how to pick stocks or build a portfolio.

In this summary, you’ll learn: 

• Why your soft skills (how you manage your psychology and emotional impulses) have a bigger impact on your financial success than your technical skills (e.g. financial analyses, knowledge of market rules/laws.);

• The common mistakes that people make about money, how you can overcome them; and

• The real secrets behind the successes of financial gurus like Warren Buffett, and how you can approach money in a way that’d bring you true wealth, peace, happiness and fulfillment.

Who should read this:
• Investors and people who wish to improve your financial intelligence.
• Anyone who wishes to improve your levels of wealth and happiness.